These educational calculators set out to illustrate various mortgage-related scenarios or comparisons and should not be construed as an offer to lend.

Please refer to our formal disclaimer for more information.

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Michael Creed

Branch Manager

NMLS 50441

(262) 293-5144

mcreed@envoymortgage.com

CloseWithMichael.com/GetStarted

Weighted Average Interest Rate Comparisons
Use these calculators to determine the effective interest rate when using more than one loan.
 
Enter the Property Value or Purchase Price  
 
 
Option 1
Down Payment or Equity Position if Refi
 
 
Adjust the Loan Amounts and Rates Loan to Value Loan Amounts
  Rate   Yearly Interest
First Mortgage Loan to Value
   
Second Mortgage Loan to Value
   
Combined LTV and Loan Total
       
Down Payment Plus Loans (100%)  
       
 
Weighted Average Rate & Total Yearly Interest    
 
OPTION 2
 
 
OPTION 3
 

Sometimes, using two loans instead of one to finance your property can be a smart move:

Taking a first mortgage loan to 80% of the property value and using a second for any difference needed is a strategy often used to avoid PMI or to keep the majority of your financing at conventional limits.

However, it also pays to be aware of what the real combined rate is by properly "weighting" each loan amount and then determining the overall cost of interest. This analysis can be used to compare available options for your situation.


This is not a commitment to lend. Envoy Mortgage Ltd. - NMLS # 6666

The information contained in these calculators and reports are illustrations for informational purposes. The use, presentation or receipt of this information does not constitute an offer to lend, an application nor a Good Faith Estimate pursuant to the Real Estate Settlement Procedures Act, or estimate of fees. Where included, interest rates are subject to change at any time and are not intended to be viewed as the current market rate. Annual Percentage Rates (APR's) can also vary at any time, and are presented as approximations that are generally calculated conservatively and may be higher than the actual current market APR which will be determined and disclosed upon request of a formal Good Faith Estimate or upon application for financing. Every effort has been made to assure the accuracy of the information and mathematical calculations, however, the provider, makes no guarantee and maintains no liability for use of or reliance upon the results. Formulation of a scenario using these tools does not mean that the results are guaranteed. All loan products have guidelines and those rules or tolerances will vary based upon many factors including but not limited to loan to value ratios, income, employment history, debts, assets, creditworthiness and underwriter's review and approval. This is not a lock-in agreement or a commitment to lend.

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